N-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number:	811-06024
Exact name of registrant as specified in charter:	Aberdeen Indonesia Fund, Inc.
Address of principal executive offices:	1735 Market Street, 32nd Floor Philadelphia, PA 19103
Name and address of agent for service:	Ms. Andrea Melia Aberdeen Asset Management Inc. 1735 Market Street, 32nd Floor Philadelphia, PA 19103
Registrant’s telephone number, including area code:	866-839-5205
Date of fiscal year end:	December 31
Date of reporting period:	September 30, 2014

Item 1. Schedule of Investments

The schedule of investments as of the close of the reporting period ended September 30, 2014 is filed herewith.

Portfolio of Investments (unaudited)

As of September 30, 2014

Shares	Description	Value (US$)
LONG-TERM INVESTMENTS—100.0%
COMMON STOCKS—100.0%
INDONESIA—100.0%
AUTOMOBILES—2.6%
4,631,610	Astra International Tbk PT(a)	$	2,676,218
BANKS —24.4%
3,100,000	Bank Central Asia Tbk PT(a)	3,326,918
96,330,884	Bank OCBC NISP Tbk PT(b)	10,633,159
87,261,894	Bank Permata Tbk PT	10,670,515
		24,630,592
BEVERAGES—4.9%
44,500	Multi Bintang Indonesia Tbk PT	4,941,198
CAPITAL MARKETS—0.6%
1,361,100	Saratoga Investama Sedaya PT(b)	572,477
CONSTRUCTION MATERIALS—7.8%
27,792,300	Holcim Indonesia Tbk PT(a)	5,920,124
1,091,000	Indocement Tunggal Prakarsa Tbk PT(a)	1,934,202
		7,854,326
DISTRIBUTORS—8.7%
260,000	Jardine Cycle & Carriage Ltd.(a)(c)	8,737,829
DIVERSIFIED TELECOMMUNICATION SERVICES—5.9%
12,852,800	Telekomunikasi Indonesia Persero Tbk PT(a)	3,078,914
5,628,000	XL Axiata Tbk PT	2,863,652
		5,942,566
FOOD & STAPLES RETAILING—2.3%
11,245,000	Hero Supermarket Tbk PT(a)(b)	2,356,226
FOOD PRODUCTS—7.6%
623,534	M.P. Evans Group PLC(d)	4,422,435
1,037,000	Petra Foods Ltd.	3,284,064
		7,706,499
GAS UTILITIES—2.5%
5,125,500	Perusahaan Gas Negara Persero Tbk PT(a)	2,517,501
HOUSEHOLD PRODUCTS—4.6%
1,768,000	Unilever Indonesia Tbk PT(a)	4,596,874
MACHINERY—2.7%
1,650,000	United Tractors Tbk PT(a)	2,694,499
MARINE—3.6%
32,532,047	Wintermar Offshore Marine Tbk PT	3,604,289
METALS & MINING—3.0%
9,802,500	Vale Indonesia Tbk PT(a)	3,006,923
MULTILINE RETAIL—1.8%
23,683,000	Ramayana Lestari Sentosa Tbk PT(a)	1,797,557
OIL, GAS & CONSUMABLE FUELS—3.2%
1,528,000	Indo Tambangraya Megah Tbk PT(a)	3,250,293
PERSONAL PRODUCTS—3.9%
2,675,800	Mandom Indonesia Tbk PT(a)	3,955,218

See Notes to Portfolio of Investments.

Aberdeen Indonesia Fund, Inc.

PHARMACEUTICALS—1.7%
125,000		Merck Tbk PT	$	1,720,866
SPECIALTY RETAIL—2.4%
32,812,000		Ace Hardware Indonesia Tbk PT(a)	2,383,264
TEXTILES, APPAREL & LUXURY GOODS—3.2%
39,842,500		Sepatu Bata Tbk PT	3,220,752
TRADING COMPANIES & DISTRIBUTORS—2.6%
5,993,000		AKR Corporindo Tbk PT(a)	2,675,798
		Total Common Stocks	100,841,765
		Total Long-Term Investments—100.0% (cost $67,294,380)	100,841,765
SHORT-TERM INVESTMENT—0.1%
$	140,000	Repurchase Agreement, Fixed Income Clearing Corp., 0.00% dated 09/30/2014, due 10/01/2014 repurchase price $140,000, collateralized by U.S. Treasury Note, maturing 06/30/2021; total market value of $145,000	140,000
		Total Short-Term Investment—0.1% (cost $140,000)	140,000
		Total Investments—100.1% (cost $67,434,380) (e)	100,981,765
		Liabilities in Excess of Other Assets—(0.1)%	(89,378		)
		Net Assets—100.0%	$	100,892,387

(a)Fair Valued Security. Fair Values are determined pursuant to procedures approved by the Fund’s Board of Directors. See Note (a) of the accompanying Notes to Portfolio of Investments.

(b)Non-income producing security.

(c)Singapore listed security, but majority of the security’s business is conducted in Indonesia.

(d)UK listed security, but majority of the security’s business is conducted in Indonesia.

(e)See Notes to Portfolio of Investments for tax unrealized appreciation/depreciation of securities.

See Notes to Portfolio of Investments.

Notes to Portfolio of Investments (unaudited)

September 30, 2014

Summary of Significant Accounting Policies

a. Security Valuation:

The Fund values its securities at current market value or fair value consistent with regulatory requirements. “Fair value” is defined in the Fund’s valuation and liquidity procedures as the price that could be received to sell an asset or paid to transfer a liability in an orderly transaction between willing market participants without a compulsion to contract at the measurement date.

Equity securities that are traded on an exchange are valued at the last quoted sale price on the principal exchange on which the security is traded at the “Valuation Time” subject to application, when appropriate, of the valuation factors described in the paragraph below. The Valuation Time is as of the close of regular trading on the New York Stock Exchange (usually 4:00 p.m. Eastern Time). In the absence of a sale price, the security is valued at the mean of the bid/ask quoted at the close on the principal exchange on which the security is traded. Securities traded on NASDAQ are valued at the NASDAQ official closing price. Closed-end funds and exchange-traded funds (“ETFs”) are valued at the market price of the security at the Valuation Time. A security using any of these pricing methodologies is determined to be a Level 1 investment.

Foreign equity securities that are traded on foreign exchanges that close prior to the Valuation Time are valued by applying valuation factors to the last sale price or the mean price as noted above. Valuation factors are provided by an independent pricing service provider. These valuation factors are used when pricing the Fund’s portfolio holdings to estimate market movements between the time foreign markets close and the time the Fund values such foreign securities. These valuation factors are based on inputs such as depositary receipts, indices, futures, sector indices/ETFs, exchange rates, and local exchange opening and closing prices of each security. When prices with the application of valuation factors are utilized, the value assigned to the foreign securities may not be the same as quoted or published prices of the securities on their primary markets. A security that applies a valuation factor is determined to be a Level 2 investment because the exchange-traded price has been adjusted. Valuation factors are not utilized if the independent pricing service provider is unable to provide a valuation factor or if the valuation factor falls below a predetermined threshold; in such case, the security is determined to be a Level 1 investment.

In the event that a security’s market quotations are not readily available or are deemed unreliable (for reasons other than because the foreign exchange on which it trades closes before the Valuation Time), the security is valued at fair value as determined by the Fund’s Pricing Committee, taking into account the relevant factors and surrounding circumstances using valuation policies and procedures approved by the Fund’s Board of Directors. A security that has been fair valued by the Pricing Committee may be classified as Level 2 or Level 3 depending on the nature of the inputs.

In accordance with the authoritative guidance on fair value measurements and disclosures under accounting principles generally accepted in the United States of America (“GAAP”), the Fund discloses the fair value of its investments using a three-level hierarchy that classifies the inputs to valuation techniques used to measure the fair value. The hierarchy assigns Level 1 measurements to valuations based upon unadjusted quoted prices in active markets for identical assets, Level 2 measurements to valuations based upon other significant observable inputs, including adjusted quoted prices in active markets for identical assets, and Level 3 measurements to valuations based upon unobservable inputs that are significant to the valuation. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability, which are based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. A financial instrument’s level within the fair value hierarchy is based upon the lowest level of any input that is significant to the fair value measurement. The three-level hierarchy of inputs is summarized below:

Level 1—quoted prices in active markets for identical investments;

Level 2—other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, and credit risk); or

Level 3—significant unobservable inputs (including a Fund’s own assumptions in determining the fair value of investments).

Notes to Portfolio of Investments (unaudited) (concluded)

September 30, 2014

The following is a summary of the inputs used as of September 30, 2014 in valuing the Fund’s investments at fair value. The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. Please refer to the Portfolio of Investments for a detailed breakout of the security types:

Investments, at Value	Level 1		Level 2		Level 3		Total
Long-Term Investments
Banks	$	21,303,674	$	3,326,918	$	—	$	24,630,592
Beverages	4,941,198		—		—		4,941,198
Capital Markets	572,477		—		—		572,477
Diversified Telecommunication Services	2,863,652		3,078,914		—		5,942,566
Food Products	7,706,499		—		—		7,706,499
Marine	3,604,289		—		—		3,604,289
Pharmaceuticals	1,720,866		—		—		1,720,866
Textiles, Apparel & Luxury Goods	3,220,752		—		—		3,220,752
Other	—		48,502,526		—		48,502,526
Short-Term Investment	—		140,000		—		140,000
Total	$	45,933,407	$	55,048,358	$	—	$	100,981,765

Amounts listed as “-” are $0 or round to $0.

For movements between the Levels within the fair value hierarchy, the Fund has adopted a policy of recognizing transfers at the end of each period. The utilization of valuation factors may result in transfers between Level 1 and Level 2. During the period ended September 30, 2014, a security issued by Mandom Indonesia Tbk PT in the amount of $3,955,218, transferred from Level 1 to Level 2 because there was a valuation factor applied at September 30, 2014. Also, securities issued by Saratoga Investama Sedaua PT, Sepatu Bata Tbk PT, Wintermar Offshore Marine Tbk PT and XL Axiata Tbk PT in the amounts of $572,477, $3,220,752, $3,604,289 and $2,863,652, respectively, transferred from Level 2 to Level 1 because there was no valuation factor applied at September 30, 2014. For the period ended September 30, 2014, there have been no significant changes to the fair valuation methodologies.

b. Repurchase Agreements:

The Fund may enter into repurchase agreements under the terms of a Master Repurchase Agreement. It is the Fund’s policy that its custodian/counterparty segregate the underlying collateral securities, the value of which exceeds the principal amount of the repurchase transaction, including accrued interest. The repurchase price generally equals the price paid by the Fund plus interest negotiated on the basis of current short-term rates. To the extent that any repurchase transaction exceeds one business day, the collateral is valued on a daily basis to determine its adequacy. Under the Master Repurchase Agreement, if the counterparty defaults and the value of the collateral declines, or if bankruptcy proceedings are commenced with respect to the counterparty of the security, realization of the collateral by the Fund may be delayed or limited. Repurchase agreements are subject to contractual netting arrangements with the counterparty, Fixed Income Clearing Corp. For additional information on individual repurchase agreements, see the portfolio of investments. The Fund held a repurchase agreement of $140,000 as of September 30, 2014. The value of the related collateral exceeded the value of the repurchase agreement at September 30, 2014.

c. Federal Income Tax Cost

The U.S. federal income tax basis of the Fund’s investments and the net unrealized appreciation as of September 30, 2014 were as follows:

Cost		Appreciation		Depreciation			Net Unrealized Appreciation
$	67,434,380	$	38,862,524	$	(5,315,139	)	$	33,547,385

Item 2. Controls and Procedures

a)The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act (17 CFR 270.30a-3(c)) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the Act (17 CFR 270.30a-3(b)) and Rule 13a-15(b) or 15d-15(b) under the Exchange Act (17 CFR 240.13a-15(b) or 240.15d-15(b)).

b)There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940 (17 CFR 270.30a-3(d)) that occurred during the Registrant’s last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 3. Exhibits

a)Certification of Principal Executive Officer and Principal Financial Officer of the Registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is attached hereto as Exhibit 99.302CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Aberdeen Indonesia Fund, Inc.

By:	/s/ Christian Pittard
	Christian Pittard,
	Principal Executive Officer of
	Aberdeen Indonesia Fund, Inc.
	Date: November 25, 2014

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

By:	/s/ Christian Pittard
	Christian Pittard,
	Principal Executive Officer of
	Aberdeen Indonesia Fund, Inc.
	Date: November 25, 2014

By:	/s/ Andrea Melia
	Andrea Melia,
	Principal Financial Officer of
	Aberdeen Indonesia Fund, Inc.
	Date: November 25, 2014

EX-99.CERT

Exhibit 99.CERT

CERTIFICATION PURSUANT TO RULE 30A-2(A) UNDER THE 1940 ACT AND SECTION 302 OF THE SARBANES-OXLEY ACT

I, Christian Pittard, certify that:

1.I have reviewed this report on Form N-Q of Aberdeen Indonesia Fund, Inc.;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;

4.The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

(d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: November 20, 2014

/s/ Christian Pittard

Christian Pittard

Principal Executive Officer

CERTIFICATION PURSUANT TO RULE 30A-2(A) UNDER THE 1940 ACT AND SECTION 302 OF THE SARBANES-OXLEY ACT

I, Andrea Melia, certify that:

1I have reviewed this report on Form N-Q of Aberdeen Indonesia Fund, Inc.;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;

4.The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

(d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: November 20, 2014

/s/ Andrea Melia

Andrea Melia

Principal Financial Officer